What are the main features of a bill of exchange?

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A bill of exchange has the following features:

  • A bill of exchange is an instrument in writing.

    billexchangear00301.jpg

    image source: commercepk.com/wp-content/uploads/2015/06/billexchangear00301.jpg

  • It must be signed by the maker or drawer. Unsigned document will not be legally valid.
  • It contains an unconditional order. There is no condition attached to it.
  • The order must be to pay money and money only.
  • The sum payable must be specific.
  • The money must be payable to a definite person or to his order or to the bearer.

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